Bharat Heavy Electricals Ltd
Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]
- Market Cap ₹ 16,801 Cr.
- Current Price ₹ 48.2
- High / Low ₹ 80.4 / 44.0
- Stock P/E
- Book Value ₹ 73.3
- Dividend Yield 0.00 %
- ROCE -9.69 %
- ROE -9.88 %
- Face Value ₹ 2.00
Pros
- Stock is trading at 0.64 times its book value
- Company is expected to give good quarter
- Debtor days have improved from 116.07 to 85.09 days.
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -7.46% over past five years.
- Company has a low return on equity of -3.56% for last 3 years.
- Contingent liabilities of Rs.6095.49 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
33,506 | 42,526 | 48,340 | 48,903 | 39,561 | 31,323 | 25,505 | 28,465 | 28,827 | 30,441 | 21,463 | 17,309 | 20,320 | |
27,605 | 33,893 | 38,393 | 39,420 | 34,982 | 29,183 | 26,862 | 27,370 | 27,174 | 28,409 | 21,596 | 20,357 | 22,005 | |
Operating Profit | 5,901 | 8,633 | 9,947 | 9,483 | 4,579 | 2,141 | -1,357 | 1,095 | 1,653 | 2,032 | -133 | -3,049 | -1,685 |
OPM % | 18% | 20% | 21% | 19% | 12% | 7% | -5% | 4% | 6% | 7% | -1% | -18% | -8% |
1,217 | 1,035 | 1,276 | 1,132 | 1,617 | 1,221 | 1,492 | 753 | 679 | 662 | 590 | 393 | 357 | |
Interest | 37 | 56 | 53 | 128 | 133 | 92 | 360 | 413 | 330 | 378 | 613 | 467 | 339 |
Depreciation | 460 | 546 | 803 | 957 | 985 | 1,082 | 937 | 850 | 787 | 476 | 503 | 473 | 355 |
Profit before tax | 6,621 | 9,065 | 10,367 | 9,531 | 5,078 | 2,187 | -1,161 | 586 | 1,215 | 1,840 | -659 | -3,596 | -2,021 |
Tax % | 35% | 33% | 32% | 30% | 31% | 34% | 39% | 22% | 64% | 46% | -123% | 25% | |
Net Profit | 4,327 | 6,053 | 7,087 | 6,693 | 3,503 | 1,452 | -704 | 457 | 441 | 1,005 | -1,466 | -2,697 | -1,501 |
EPS in Rs | 11.79 | 16.49 | 19.30 | 18.23 | 9.54 | 3.96 | -1.92 | 1.25 | 1.20 | 2.89 | -4.21 | -7.75 | -4.31 |
Dividend Payout % | 26% | 25% | 22% | 20% | 20% | 20% | -14% | 85% | 151% | 69% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | -9% |
5 Years: | -7% |
3 Years: | -16% |
TTM: | 34% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
TTM: | 53% |
Stock Price CAGR | |
---|---|
10 Years: | -10% |
5 Years: | -16% |
3 Years: | -9% |
1 Year: | -32% |
Return on Equity | |
---|---|
10 Years: | 5% |
5 Years: | -1% |
3 Years: | -4% |
Last Year: | -10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Sep 2021 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
490 | 490 | 490 | 490 | 490 | 490 | 490 | 490 | 734 | 696 | 696 | 696 | 696 | |
Reserves | 15,406 | 19,665 | 24,914 | 30,043 | 32,667 | 33,717 | 31,825 | 31,899 | 31,601 | 30,208 | 27,964 | 25,287 | 24,823 |
Borrowings | 148 | 252 | 432 | 2,698 | 4,693 | 1,889 | 211 | 156 | 110 | 2,598 | 5,080 | 4,951 | 4,992 |
32,722 | 39,211 | 41,664 | 38,588 | 37,481 | 34,887 | 33,051 | 29,153 | 31,495 | 30,987 | 26,550 | 25,025 | 24,031 | |
Total Liabilities | 48,767 | 59,618 | 67,499 | 71,818 | 75,331 | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 54,542 |
2,609 | 3,610 | 4,519 | 4,667 | 4,729 | 4,230 | 3,969 | 3,601 | 3,073 | 2,970 | 2,817 | 2,491 | 2,392 | |
CWIP | 1,552 | 1,757 | 1,763 | 2,467 | 2,931 | 2,614 | 318 | 168 | 203 | 235 | 314 | 420 | 423 |
Investments | 6 | 11 | 6 | 6 | 6 | 6 | 796 | 757 | 429 | 152 | 162 | 185 | 189 |
44,600 | 54,240 | 61,211 | 64,679 | 67,665 | 64,134 | 60,494 | 57,171 | 60,235 | 61,132 | 56,998 | 52,864 | 51,539 | |
Total Assets | 48,767 | 59,618 | 67,499 | 71,818 | 75,331 | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 54,542 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1,630 | 2,699 | -701 | 1,759 | 4,512 | 821 | 374 | 560 | 989 | -3,860 | -2,892 | 562 | |
-942 | -1,439 | -582 | -1,113 | -868 | 650 | 23 | -565 | 961 | 1,919 | 1,877 | -42 | |
-1,161 | -1,410 | -1,690 | 472 | 523 | -3,543 | -122 | -468 | -667 | -32 | 1,622 | -396 | |
Net Cash Flow | -473 | -150 | -2,972 | 1,118 | 4,167 | -2,071 | 275 | -473 | 1,283 | -1,973 | 608 | 123 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 227 | 174 | 200 | 219 | 260 | 309 | 321 | 283 | 178 | 142 | 121 | 85 |
Inventory Days | 206 | 206 | 210 | 186 | 195 | 270 | 272 | 200 | 191 | 218 | 321 | 333 |
Days Payable | 168 | 154 | 157 | 151 | 173 | 238 | 239 | 225 | 299 | 295 | 299 | 277 |
Cash Conversion Cycle | 265 | 226 | 254 | 254 | 283 | 341 | 354 | 258 | 70 | 65 | 143 | 142 |
Working Capital Days | 5 | 75 | 102 | 126 | 158 | 193 | 206 | 158 | 116 | 124 | 148 | 130 |
ROCE % | 46% | 50% | 45% | 33% | 15% | 6% | -2% | 3% | 5% | 7% | -0% | -10% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Conference Call for BHEL''s Q4&FY22 results on Saturday, 21st May 2022
- Board Meeting Intimation for Audited Financial Results For The Quarter & Year Ended 31St March, 2022 13 May
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 2 May
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
28 Apr - Bharat Heavy Electricals Limited (BHEL) signs a Memorandum of Understanding with GE Power Conversion for the development of Integrated Electric Propulsion Systems for the Indian …
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
25 Apr - BHEL bags Maiden Order for 6,000 HP Electric Locomotives from NTPC Limited for Industrial application
Annual reports
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Financial Year 2010
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Financial Year 2010
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Power Sector (~70% of revenues)[1]
The company has capabilities to manufacture the entire range of power plant equipment including thermal, gas, hydro and nuclear power projects.[2] It has strong engineering capabilities across the nuclear applications. 12 out of 18 Pressurised Heavy water reactors, accounting for ~74% of India's nuclear power capacity are equipped with BHEL supplied steam turbine generator sets.[3]